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SHRIRAM LIFE GETS PFRDA NOD TO BECOME ANNUITY SERVICE PROVIDER

Annuity Services to NPS subscribers upon their exit from the system. ASPs will manage the funds (allocated for buying annuity) and pay the pension after a subscriber reaches 60. 

Shriram Life Insurance Company (SLIC) is empanelled as an Annuity Service Provider by the Pension Fund Regulatory Development Authority (PFRDA). The empanelment will help the insurance major manage the annuity component of the maturity proceeds under the National Pension System (NPS).

The PFRDA’s certification will help SLIC garner more NPS subscribers under its annuity plan.

With close to 1.5 crore subscribers under NPS and with an AUM of more than Rs 7 lakh crores in the country, SLIC’s empanelment as ASP will help it mobilize 40% of the NPS maturity amount, which will be open to investment in annuity schemes.

Immediate Annuity Plus, SLIC’s annuity plan, has options for NPS subscribers that offers flexible options retirees to continue their lives in the same financial conditions as before.

The annuity premium mobilization in India is above Rs 25,000 crores per year.

As NPS subscriptions mature and subscribers retire, this opportunity will expand further.

This will also enable customers to choose from an array of insurance providers who provide rewarding annuity plans according to their needs and lifestyle.

“Shriram Life has a well-priced immediate annuity product and a robust fund management framework.

Speaking on the PFRDA certification, Casparus Kromhout, MD & CEO of Shriram Life Insurance Company, said,

With these, we are gearing up to make the best use of this new opportunity.

This gives us another avenue to provide holistic insurance solutions for our customers.”

Annuity Service Provider is an IRDA-registered insurance company empaneled by PFRDA for providing.
Annuity Services to NPS subscribers upon their exit from the system. ASPs will manage the funds (allocated for buying annuity) and pay the pension after a subscriber reaches 60. 
About Shriram Life Insurance Company Shriram Life Insurance Company Ltd is jointly promoted by Shriram Group and South Africa-based financial services group Sanlam Ltd.
It offers comprehensive protection and long-term savings life insurance solutions, with close to 44% of its clients being from rural areas and a network of 423 branches across India.
Shriram Life Insurance’s Assets Under Management (AUM) as of H1FY23 stand at INR 8,149 crore.
This article was shared with Prittle Prattle News as a Press Release
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